                                 CODE OF VIRGINIA

DEFINITIONS (§ 36-55.26)

As used in this chapter, unless the context requires a different meaning:
		&#8220;Bonds,&#8221; &#8220;notes,&#8221; &#8220;bond anticipation
notes,&#8221; and &#8220;other obligations&#8221; mean any bonds, notes,
debentures, interim certificates, or other evidences of financial indebtedness
issued by HDA pursuant to this chapter.
		&#8220;City&#8221; means any city or town in the Commonwealth.
		&#8220;County&#8221; means any county in the Commonwealth.
		&#8220;Earned surplus&#8221; shall have the same meaning as in generally
accepted accounting standards.
		&#8220;Economically mixed project&#8221; means residential housing or housing
development, which may consist of one or more buildings located on contiguous or
noncontiguous parcels that the HDA determines to finance as a single
economically mixed project, to be occupied by persons and families of low and
moderate income and by other persons and families as the HDA shall determine.
		&#8220;Federal government&#8221; means the United States of America or any
agency or instrumentality, corporate or otherwise, of the United States of
America.
		&#8220;Federal mortgage&#8221; means a mortgage loan for land development for
residential housing or residential housing made by the United States or an
instrumentality thereof or for which there is a commitment by the United States
of America or an instrumentality thereof to make such a mortgage loan.
		&#8220;Federally insured mortgage&#8221; means a mortgage loan for land
development for residential housing or residential housing insured or guaranteed
by the United States or an instrumentality thereof, or a commitment by the
United States or an instrumentality thereof to insure such a mortgage.
		&#8220;HDA&#8221; means the Virginia Housing Development Authority created and
established pursuant to § 36-55.27.
		&#8220;Housing development costs&#8221; means the sum total of all costs
incurred in the development of a housing development, which are approved by the
HDA as reasonable and necessary, which costs shall include, but are not
necessarily limited to: fair value of land owned by the sponsor, or cost of land
acquisition and any buildings thereon, including payments for options, deposits,
or contracts to purchase properties on the proposed housing site or payments for
the purchase of such properties; cost of site preparation, demolition and
development; architecture, engineering, legal, accounting, HDA, and other fees
paid or payable in connection with the planning, execution and financing of the
housing development; cost of necessary studies, surveys, plans and permits;
insurance, interest; financing, tax and assessment costs and other operating and
carrying costs during construction; cost of construction, rehabilitation,
reconstruction, fixtures, furnishings, equipment, machinery and apparatus
related to the real property; cost of land improvements, including without
limitation, landscaping and off-site improvements, whether or not such costs
have been paid in cash or in a form other than cash; necessary expenses in
connection with initial occupancy of the housing development; a reasonable
profit and risk fee in addition to job overhead to the general contractor and,
if applicable, a limited profit housing sponsor; an allowance established by HDA
for working capital and contingency reserves, and reserves for any anticipated
operating deficits during the first two years of occupancy; in the case of an
economically mixed project within a revitalization area designated in or
pursuant to § 36-55.30:2, the costs of any nonhousing buildings that are
financed in conjunction with such project and that are incidental to such
project or are determined by such governing body to be necessary or appropriate
for the revitalization of such area or for the industrial, commercial or other
economic development of such area; the cost of such other items, including
tenant relocation, if such tenant relocation costs are not otherwise being
provided for, as HDA shall determine to be reasonable and necessary for the
development of the housing development, less any and all net rents and other net
revenues received from the operation of the real and personal property on the
development site during construction.
		&#8220;Housing development&#8221; or &#8220;housing project&#8221; means any
work or undertaking, whether new construction or rehabilitation, which is
designed and financed pursuant to the provisions of this chapter for the primary
purpose of providing sanitary, decent, and safe dwelling accommodations for
persons and families of low or moderate income in need of housing and, in the
case of an economically mixed project, other persons and families; such
undertaking may include any buildings, land, equipment, facilities, or other
real or personal properties which are necessary, convenient, or desirable
appurtenances, such as but not limited to streets, sewers, utilities, parks,
site preparation, landscaping, and such offices, and other nonhousing facilities
incidental or related to such development or project such as administrative,
community, health, nursing care, medical, educational and recreational
facilities as HDA determines to be necessary, convenient, or desirable. For the
purposes of this chapter, medical and related facilities for the residence and
care of the aged shall be deemed to be dwelling accommodations.
		&#8220;Housing lender&#8221; means any bank or trust company, mortgage banker
approved by the Federal National Mortgage Association, savings bank, national
banking association, savings and loan association or building and loan
association, mortgage broker, mortgage company, mortgage lender, life insurance
company, credit union, agency or authority of the Commonwealth or any other
state, or locality authorized to finance housing loans on properties located in
or outside of the Commonwealth to persons and families of any income.
		&#8220;Housing sponsor&#8221; means individuals, joint ventures, partnerships,
limited partnerships, public bodies, trusts, firms, associations, or other legal
entities or any combination thereof, corporations, cooperatives and
condominiums, approved by HDA as qualified either to own, construct, acquire,
rehabilitate, operate, manage or maintain a housing development whether
nonprofit or organized for limited profit subject to the regulatory powers of
HDA and other terms and conditions set forth in this chapter.
		&#8220;Land development&#8221; means the process of acquiring land for
residential housing construction, and of making, installing, or constructing
nonresidential housing improvements, including, without limitation, waterlines
and water supply installations, sewer lines and sewage disposal and treatment
installations, steam, gas and electric lines and installations, roads, streets,
curbs, gutters, sidewalks, storm drainage facilities, other related pollution
control facilities, and other installations or works, whether on or off the
site, which HDA deems necessary or desirable to prepare such land primarily for
residential housing construction within the Commonwealth.
		&#8220;Loan servicer&#8221; means any person who, on behalf of a housing
lender, collects or receives payments, including payments of principal,
interest, escrow amounts, and other amounts due, on obligations due and owing to
the housing lender pursuant to a residential mortgage loan or who, when the
borrower is in default or in foreseeable likelihood of default, works on behalf
of the housing lender with the borrower to modify or refinance, either
temporarily or permanently, the obligations in order to avoid foreclosure or
otherwise to finalize collection through the foreclosure process.
		&#8220;Mortgage&#8221; means a mortgage deed, deed of trust, or other security
instrument which shall constitute a lien in the Commonwealth on improvements and
real property in fee simple, on a leasehold under a lease having a remaining
term, which at the time such mortgage is acquired does not expire for at least
that number of years beyond the maturity date of the interest-bearing obligation
secured by such mortgage as is equal to the number of years remaining until the
maturity date of such obligation or on personal property, contract rights or
other assets.
		&#8220;Mortgage lender&#8221; means any bank or trust company, mortgage banker
approved by the Federal National Mortgage Association, savings bank, national
banking association, savings and loan association, or building and loan
association, life insurance company, the federal government or other financial
institutions or government agencies which are authorized to and customarily
provide service or otherwise aid in the financing of mortgages on residential
housing located in the Commonwealth for persons and families of low or moderate
income.
		&#8220;Mortgage loan&#8221; means an interest-bearing obligation secured by a
mortgage.
		&#8220;Multifamily residential housing&#8221; means residential housing other
than single-family residential housing, as hereinafter defined.
		&#8220;Municipality&#8221; means any city, town, county, or other political
subdivision of the Commonwealth.
		&#8220;Nonhousing building&#8221; means a building or portion thereof and any
related improvements and facilities used or to be used for manufacturing,
industrial, commercial, governmental, educational, entertainment, community
development, health care, or nonprofit enterprises or undertakings other than
residential housing.
		&#8220;Persons and families of low and moderate income&#8221; means persons
and families, irrespective of race, creed, national origin, sex, sexual
orientation, or gender identity, determined by the HDA to require such
assistance as is made available by this chapter on account of insufficient
personal or family income taking into consideration, without limitation, such
factors as follows: (i) the amount of the total income of such persons and
families available for housing needs, (ii) the size of the family, (iii) the
cost and condition of housing facilities available, (iv) the ability of such
persons and families to compete successfully in the normal private housing
market and to pay the amounts at which private enterprise is providing sanitary,
decent and safe housing, and (v) if appropriate, standards established for
various federal programs determining eligibility based on income of such persons
and families.
		&#8220;Real property&#8221; means all lands, including improvements and
fixtures thereon, and property of any nature appurtenant thereto, or used in
connection therewith, and every estate, interest and right, legal or equitable,
therein, including terms for years and liens by way of judgment, mortgage or
otherwise and the indebtedness secured by such liens.
		&#8220;Residential housing&#8221; means a specific work or improvement within
the Commonwealth, whether multifamily residential housing or single-family
residential housing undertaken primarily to provide dwelling accommodations,
including the acquisition, construction, rehabilitation, preservation or
improvement of land, buildings and improvements thereto, for residential
housing, and such other nonhousing facilities as may be incidental, related, or
appurtenant thereto. For the purposes of this chapter, medical and related
facilities for the residence and care of the aged shall be deemed to be dwelling
accommodations.
		&#8220;Single-family residential housing&#8221; means residential housing
consisting of four or fewer dwelling units, the person or family owning or
intending to acquire such dwelling units, upon completion of the construction,
rehabilitation, or improvement thereof, also occupying or intending to occupy
one of such dwelling units.

HISTORY: 1972, c. 830; 1975, c. 536; 1987, c. 363; 1988, c. 218; 1996, c. 498;
2004, c. 187; 2011, c. 690; 2020, c. 1137.